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The importance of location in determining real estate values

Real estate brokers in Maryland and around the country are often quick to point out that location is the most important factor in determining residential property values. However, the full impact that location can have on the price of a home may be surprising. A house that would sell for $100,000 or less in some parts of the country could command a million dollar price tag in an exclusive oceanfront community, and even renovated properties with high curb appeal may languish unsold in some neighborhoods.

Employment opportunities and the level of salaries offered varies widely in different parts of the country, and even homes that require significant work can fetch eye-watering prices in areas like San Jose where jobs in high-paying technology fields are abundant. However, home sellers in areas areas where shuttered factories are a common sight and unemployment rates are high may have to drastically lower their expectations in order to secure a buyer.

Other factors that can greatly influence the lure of a location to home buyers include low crime rates and highly regarded local schools. Being located in an area of great natural beauty or in close proximity to leisure activities or national parks may also influence real estate prices. Waterfront homes are considered the ultimate prize by some buyers, but others may be put off by high property tax rates or flood risks.

Choosing the right home to buy is often an exciting process for individuals or families, but seeing the transaction through to closing can sometimes be frustrating. Experienced real estate attorneys can often anticipate the kind of problems that can derail real estate purchases at the last moment, and they may be able to recommend proactive steps designed to avoid such pitfalls.

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